Is HELOC Interest tax deductible if loan taken to buy home equity from your EX during Divorce ?

[dkthecool]

Hello,

I took a HELOC to pay my EX , her share of home Equity so that i can have the SOLO Ownership of the house after our divorce ? Can i deduct the interest paid on this loan along with my existing mortgage via itemization  ?

[Mike9241]

maybe

1) it must have been taken out to acquire Ex's interest in a first or second home. I take this to mean Ex must be on the title to the property. 

2) the debt must be secured by the home

3) your mortgage/HELOC amount does not exceed the applicable limits 

secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that makes your ownership in a qualified home security for payment of the debt, is recorded or otherwise perfected under any applicable state or local law,  and provides in case of default, that your home could satisfy the debt